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The Economic Times

Anupam Nagar

EIA raises oil price forecasts as Iran war tightens global markets

EIA Oil Iran United States Gulf

The U.S. Energy Information Administration has raised its forecasts for oil prices this year and next, citing rapidly declining global inventories, tight diesel supplies and continued risks to oil flows from the Middle East amid the ongoing Iran war.

The EIA now expects Brent crude to average about $105 a barrel in the fourth quarter of 2026, $14 higher than its previous estimate. For the full year, Brent is forecast to average about $98 a barrel, an 8% increase from the agency's previous forecast, a report by Reuters stated.

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